Deka buys two shopping centres in Germany for €147m

Deka Immobilien has announced the acquisition of two established shopping centres in Germany for around €147 mln from Partners Group and Arax Properties.

The assets - Berlin's Allee Center and Dresden's Seidnitz Center - will be added to the portfolio of Deka's WestInvest TargetSelect Shopping fund.

Both centres have a good location in their respective districts and their offering is focused on food and drugstore products while also including some office space.

Completed in 1993, the Allee-Center Berlin comprises around 16,000 m2 of rentable space as well as 322 parking spaces. The Rewe rental area is currently being renewed with a planned reopening for July 2020.

The Seidnitz Center in Dresden offers 33,000 m2 of rentable space and 950 free parking spaces. The property was built in 1993/1994 and extensively renovated in the recent past.

Following these two investments, WestInvest TargetSelect Shopping Fund manages over €1 bn of assets.

BNP Paribas advised the buyer.

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